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Your company agrees to collaborate on a supply chain relationship with another firm. During the collaboration, you discover by mistake that they have given you access to all their inventory and sales data.
You look at this and find that you can see the prices and quantities of products they are buying from all their other suppliers. This can give you an enormous advantage in competing for their business. What should you do?
Null Hypothesis
An initial assumption which posits that no meaningful variance or impact exists, serving as the basis for beginning statistical analysis.
Significance Level
The probability of rejecting the null hypothesis in a statistical test when it is actually true, commonly denoted as alpha (α) and used as a threshold for determining statistical significance.
Statistically Significant
A determination that a relationship observed in a dataset is unlikely to have occurred by chance, according to a predefined significance level.
Significance Level
This is the probability of rejecting the null hypothesis when it is true, usually denoted by alpha (α), and used as a threshold for determining statistical significance.
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